智通财经APP获悉，希音-W(00625)盘中跌近6%，截至发稿，跌4.12%，报33.08港元，成交额3621.58万港元。
消息面上，今年上半年，希音取得净收入201.34亿美元，同比仅增1%；经调整净利润4.99亿美元，同比降55.6%。单看第二季度，净收入110.82亿美元、同比增0.9%，经调整净利润2.28亿美元，同比降66.6%。公司预计今年下半年外部环境仍将充满不确定性，关税逆风和物流成本波动可能持续。尽管如此，四季度仍是最重要促销窗口，预计将带动订单量大幅提升。
富瑞认为，希音上半年收入符合预期，但地区组合转差，利润率受压为主要焦点，认为2026-2027年的市场一致预期仍有下行空间，将目标价由26港元下调至23港元，维持“跑输大市”评级。该行预计，市场初步会把2026-2027年盈利预测分别下调约15-20%及10-15%，待2026年第三季业绩确认欧洲业务转弱后，将再迎来第二轮下调。
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